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The New York Democrat outlined a very different path Tuesday when he aruged that lawmakers should use the lame-duck session to raise tax rates on top earners, end some deductions, increase taxes on investments and use the revenue that would be generated to pay down the $1.1 trillion deficit.

It’s a dramatic departure from the 1986 rate-lowering method of tax reform that congressional tax writers have spent the past several years trying to replicate. It’s also a rejection of the type of tax code overhaul endorsed by groups such as the Simpson-Bowles commission and the Gang of Six.

If embraced by other Democrats, Schumer’s approach would represent a hardening of the party’s position on taxes and could complicate the prospects for a bipartisan deal before year’s end to avoid the expiration of the Bush-era tax cuts and the start of automatic budget cuts.

Top Republicans moved quickly to reject Schumer’s proposal.

"A tax reform framework that lowers rates and closes loopholes has support from both parties, including the Obama administration, and it offers the best hope for bipartisan efforts to create robust economic growth and reduce our deficit," said Kevin Smith, a spokesman for House Speaker John Boehner. "Sen. Schumer seems to be off on [an] island with these remarks.”

Schumer said the proposal he offered Tuesday is his own, though he has discussed it with Senate Majority Leader Harry Reid and Finance Committee Chairman Max Baucus (D-Mont.).

"This is my idea, my sort of way forward," he said. "Not theirs."

Lawmakers in both chambers, including Boehner, have played down expectations for a large-scale fiscal package during the year-end lame-duck session. They’ve instead suggested that there might be a way to avoid the fiscal cliff — for at least a few months — and agree on a framework for tax reform that could be hashed out next year.

In a speech to the National Press Club, Schumer said a 1986-style tax reform simply doesn’t make sense for the problems facing the U.S. today.

“Tax reform 25 years ago was revenue-neutral,” he said. “It did not strive to cut the debt. Today, we can’t afford for it not to. Our national debt today is approximately 73 percent of GDP — that’s nearly double what it was in 1986.”

Schumer said a year-end deficit reduction package should include about $1.5 trillion in revenue.

House Ways and Means Committee Chairman Dave Camp (R-Mich.) and Budget Committee Chairman Paul Ryan (R-Wis.) have proposed lowering the top individual and corporate rate by 10 percentage points to 25 percent. They haven’t yet specified the current tax benefits they would eliminate to get there.

President Barack Obama hasn’t yet set a target for the individual tax rate, though he’s campaigned on ending the Bush-era tax cuts for the top earners. He’s proposed lowering the corporate tax rate to 28 percent for most firms and as low as 25 percent for manufacturers.

The New York Democrat outlined a very different path Tuesday when he aruged that lawmakers should use the lame-duck session to raise tax rates on top earners, end some deductions, increase taxes on investments and use the revenue that would be generated to pay down the $1.1 trillion deficit.

Our Republican conservative friends will tell us that this will destroy America, and that what we should do is make poor people give up their food and shelter in order to pay down the debt while we cut taxes on rich people and build bullets, bombs, and battleships to blow up Muslims 1/2 around the world.

Hey Chuck, how about representing your constituents for a change!!!!!!!!!!!!! Yes alot of us make more than $250,000 in New York, but we are being killed by State, City, water, sewer, real estate and sales taxes, exploding entitlement programs. Try paying for housing, food, or other necessaries in New York. Try covering your kids private school because the Public Schools are overcrowded and stink.

And your idea of a compromise, is to stick us with another tax hike?????? How much of the New York tax base of individuals and business does this man have to kill before we New Yorkers wake up and hurl him and Gillibrand out of office.

If any New Yorker is reading this, please send $20 to WENDY LONG for Senate in New York. PLEASE!!!!

It's Schumer and his like minded lackeys who put us into this mess in the first place. The last thing we need from him are "idea's" on tax reform.

Are you really that stupid? clearly yes! The debt and deficits we have now were created structurally by RepubliCons House, Senate and President. They Bush admin and Repubs inherited a budget surplus and left FY 2009 with a 1.4 trillion deficit. The did it by 2001 and 2003 tax cuts that were not offset, 2 wars which were never paid for, a prescription drug bill designed not to be paid for. The idiocy is they still support the same policies and idiots like you despite the failure of these policies think somehow this time it will be different. Romney wants 5 trillion in tax cuts and won't name a single offset to pay for it..btw if you eliminated all of the top 10 deductions, where the money is you still don't pay for his tax cuts and we all now that's 0% proposition. Romney wants 2 trillion increase in military spending, more than even the military wants, again magically paid for. Don't even get me started on the RepubliCon Pharma boondoggle Part D, which is the #1 driver of medicare financial problems by far.

you say "a lot of us make more than $250,000 in New York" - well, in what context do you consider 2.6% a lot? No, it's not just the top one percent, but it's less than the top 3%, so by most any reasonable standard you have to be considered pretty well off.

You'll tell me expenses are higher in New York City - okay, but 97% of your neighbors are getting by on even less than you. So, dial down your outrage.

I'm for going back to the way the founders intended. Forget about the income tax. Tax sales and capital that business generates. Impose taxes upon the states. Let states determine best way to implement. The federal gov. is not intended to have direct contact with the individual, in any way shape or form, ever! Unless you break federal law and are hauled into federal court. Other than that, stay the hell away from us!

How Chuck Schumer Caused the Second Largest Bank Failure in US History Published: Saturday, 12 Jul 2008 | 5:13 pm …_________

The collapse of Indymac bank, the second largest bank failure in American history, began with a letter from the office of Senator Charles Schumer on June 27. He questioned the viability of the bank. When a senior senator who is in a number of influential posts regarding oversight of bank regulators directly attacks the confidence of a depository institution, it matters. …____________ Indymac has been under attack from the hard left. The Center for Responsible Lending issued an attack on Indymac within a few days of Schumer’s letter. CRL is part of a small army of left of center ‘research’ groups, community organizers, and public interest law firms who make their living accusing home lenders of racial redlining and predatory lending. On June 20th the Center accused Indymac of unfair practices regarding minority borrowers. …

Here we go again....Chuck Schumer in front of the cameras and calling a press conference that the MSM/Libanazi media just has to cover. Schumer is a media attention addict. And, if he reallky wants to reforn the tax code, why won't he allow the change of capital gain income to regular income for all those hedge funds? The answer is they are big donors to his coffers so he'll do anything he can to deflect attention frpom that.

Chuck Schumer makes me embarrassed to be a NY'er and to be Jewish! It's too bad the Dems control NYS. It would be nice to see hio be retired. Next to Ted Kennedy, Schumer is the fourth moist dangerous man in America right behind Obama, Biden and Reid.

Schoup, I don't knpow how to tell you this but all Clinton did was discount the out years of his long term budget to the present value and called it a surplus. Clinton had two balanced budgets but that was only because of Gingrich. Just curious Schoup, how many recurring capital gains have you had year over year at 100% gain each year.

No more lame duck BS! These reps have all year to take care of business and instead spend their time blaming the other side for getting nothing done and then want to cram through things that they know probably won't make it past the incoming administration.

If Romney wins, the Senate goes Republican and the Republicans keep the House you can bet your sweet bippie that nothing of any substance will be done on the fly during the lame duck session. That's a good thing.

Are you really that stupid? clearly yes! The debt and deficits we have now were created structurally by RepubliCons House, Senate and President. They Bush admin and Repubs inherited a budget surplus and left FY 2009 with a 1.4 trillion deficit. The did it by 2001 and 2003 tax cuts that were not offset, 2 wars which were never paid for, a prescription drug bill designed not to be paid for. The idiocy is they still support the same policies and idiots like you despite the failure of these policies think somehow this time it will be different. Romney wants 5 trillion in tax cuts and won't name a single offset to pay for it..btw if you eliminated all of the top 10 deductions, where the money is you still don't pay for his tax cuts and we all now that's 0% proposition. Romney wants 2 trillion increase in military spending, more than even the military wants, again magically paid for. Don't even get me started on the RepubliCon Pharma boondoggle Part D, which is the #1 driver of medicare financial problems by far.

obama got four Pinocchios on the Washington Post Fact Checker when he used those lie lines a couple of weeks ago. You might want to stop repeating all those lies, you're making yourself and your party look bad. But then obama is doing that all by himself.

The only real way to cut the deficit is to target big ticket items like Sesame Street and it's bloated 8 million dollars a year subsidy.

Once you've dealt a death blow to Sesame street, we are on our way to fiscal health. With the savings from Sesame street cuts We can even pump up the pentagon budget another 200 billion dollars a year beyond the 700 billion dollars we are spending now. That will make us the strongest nation on earth....and will shorten the war we are fighting in Afghanistan against a bunch of illiterate farmers by at least 20 years.

Brad, keep in mind that there are some of us who don't want to be forced to pay for the state's broadcasting service or its nutty wars. But don't worry. Spineless Republicans have been blabbering for 20 years about ending taxpayer funding of PBS and the National Endowment for the Arts. But when they had the majorities to do it, what happened? These cowards will never cut anything.